Who can be a Trustee of a Trust? Another Trust? DBA?

[Taxing Matters]

If you could use a DBA, the DBA name would be on public records.

That still won't help you. A tradename (e.g. DBA) is not an entity. It is simply another name that you use to conduct business. So a tradename cannot be a trustee. You'd be the trustee. And when using a tradename, you still sign things in your own name, for example: John Doe, D/B/A Doe's Lighting Products.

 

[PayrollHRGuy]

That still won't help you. A tradename (e.g. DBA) is not an entity. It is simply another name that you use to conduct business. So a tradename cannot be a trustee. You'd be the trustee. And when using a tradename, you still sign things in your own name, for example: John Doe, D/B/A Doe's Lighting Products.

You are, of course, correct but taken out of context it could sound like one would be able to sign XYZ, Inc if they were signing for a corporation. That isn't the case.

 

[LdiJ]

You are, of course, correct but taken out of context it could sound like one would be able to sign XYZ, Inc if they were signing for a corporation. That isn't the case.

That does sound to me like what the OP thought.

 

[Taxing Matters]

You are, of course, correct but taken out of context it could sound like one would be able to sign XYZ, Inc if they were signing for a corporation. That isn't the case.

Maybe it might be read that way, though I addressed signing for an entity earlier in the thread in post number 11 when I said: "Second, when you sign you always sign your name. If an entity like a LLC is the trustee, you'd sign it with your name and then your position in the LLC. For example, if your name is John Doe you'd sign it as 'John Doe, Member of XYZ LLC, trustee of the ABC Trust.'"

So let me be crystal clear for the OP here: if he/she is the one signing the deed or any other documents for the trust, he/she is going to have sign his/her name. There is no getting around that. There is no way the OP can simply put down the name of an entity as a signature. If an entity is trustee, then the person signing for the entity signs with his/her name and then after that indicates his/her position with the entity to show he or she has authority to sign for the entity.

 

[FlyingRon]

His only effort would be to have another person in the mix (be it a corporate officer, LLC member, or trustee other than him). Of course, each of those is fraught with its own problem.

 

[Taxing Matters]

His only effort would be to have another person in the mix (be it a corporate officer, LLC member, or trustee other than him). Of course, each of those is fraught with its own problem.

Right. The OP really needs to sit down with an attorney and get this right. Otherwise, he/she may not achieve his/her goals and might totally screw things up.

 

[TrustUSA]

Ownership information for a DBA is public record, thus obtainable.

Wondering how many people would go thru the hassle of looking thru a public notice of a newspaper?

Here is a good Video (link removed)

 

[FlyingRon]

You don't have to look through newspaper ads in most places. You're required to register the fictitious names. In Florida, you must do so with the state before conducting any transaction and there's an online look-up (I'm disinclined with playing this farce out any further by looking up his other state). If you do not register the fictitious name, you're breaking the law by signing a contract or other document with it.

TrustUser's video is what I mentioned MIGHT work earlier. You need some unrelated entity (person, corporation, whatever) to act as trustee for your trust and have him maintain your anonymity when legally possible.

 

[TrustUser]

i am familiar with land trusts. i still say that push come to shove, a land trust could get shot down in court.

many land trusts (if not all of them), allow the beneficiary TOTAL CONTROL. it is just a scheme to remove your name from title

you wont be able to get title insurance on the property without coughing up the name of the beneficiary

when a beneficiary can instruct the trustee to do whatever it wants, whenever it wants - one loses the distinction of a trustee and trust, making it no different than individual ownership

 

[FlyingRon]

In court, there's no way to really hide your actual interest. My feeling was that the poster was looking for anonymity against more casual searches.

 

[TrustUser]

hi ron,

i understand that. i also played that game. but what i am saying is that the whole dang trust could be shot down, period.

your idea of a 3rd party is a good one. if you have a relative you can trust.

but doing a land trust (as was mentioned in a previous post) is not something i would do AGAIN

i personally experienced the downfalls of a land trust, just in trying to get title insurance during the purchase (nobody would give me title insurance without me releasing the beneficiary name). and no, the beneficiary name can not be another trust, or the title company wanted to see that trust document. there was no way of getting title insurance without releasing the name of the real beneficiary.

the last thing you want is to think you are safe, only to find out in court that you are standing in quicksand

if you are not familiar with a land trust, the wording is such that the beneficiary totally instructs the trustee on what to do - something that i think a judge could rule that there is no trust at all - not just losing one's anonymity !!

 

[FlyingRon]

As I said, having a third party intermediary can have its own slew of problems.

 

[TrustUser]

yea, that's for sure.

i just returned to my standard trust document, with me as trustee - and forgot about the anonymity angle

not until a person dies is there any good protection for trust assets

 

[Taxing Matters]

not until a person dies is there any good protection for trust assets

That's true for a revocable living trust. However, it can work well for asset protection in an irrevocable trust. The problem is, though, that it only really works when you give up most control over those assets. So the assets are protected with a properly set up irrevocable trust, but they also aren't really yours any more either. And it has to be done before you incur the debt.

Anonymity is a separate issue. You can get a pretty good degree of privacy with a trust, but it's impossible to keep it hidden from everyone.

 

[TrustUser]

we were talking about revocable trusts. i was aware of irrevocable trusts.

with regard to anonymity, most people just want to avoid searches at the county.

but as ron and i discussed, there are pitfalls in trying to do so

in my case, i concluded that the pitfalls were much worse than the loss of anonymity !!

but then i am not someone apt to get into trouble, such that anyone would be looking at what properties i own